Mortgage advisor has advised us to wait until July to get a mortgage due to a payday loan of Â£300 in January 2017 (our only one)
Background, We both have good credit scores, havent missed any payments on anything (loan/CC/mortgage etc) in over 5 years. Are requesting to borrow within our means, although as the top end. CC's sit at Â£6000 on 0% cards (last one balanced transferred in Dec 2016), on electoral roll etc and hoping to put 15% down on the property with the equity from our current house.
We ended up needing some money fast in January and borrowed Â£300 with Wonga - paid back within 10 days Â£323 - account closed.
The advisor we saw said it would seriously hinder us getting a mortgage for a decent rate within 6 months of the pay day loan (taking us to JULY) and that the rates she was looking at were over 5%
Our house is already getting put up for sale next week - are we really best waiting til July to get a mortgage?
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